The Economic and Financial Crimes Commission (EFCC) has recovered 2.3 million litres of Automotive Gas Oil (AGO), commonly known as diesel, valued at N4.485 billion, from Ibafon Oil and Gas in Lagos over an alleged case of stealing and criminal conversion.
The recovery was carried out by the Lagos Zonal Directorate 1 of the EFCC on Monday, August 17, 2026, from Mamemo Ibru of Ibafon Oil and Gas.
The commission disclosed the development on Tuesday, August 18, in a post on its official X account.
The recovery followed a petition from Prudent Energy and Services Limited, which alleged that petroleum products it had entrusted to Ibafon Oil and Gas for storage had been unlawfully converted, creating a significant gap between the volume of products it expected to have in storage and what was physically available.
What they are saying
According to the EFCC, Prudent Energy alleged that withdrawals were periodically made from the petroleum products stored at the depot, reducing the outstanding stock to 2,574,031 litres.
However, when a subsequent physical measurement and reconciliation exercise was conducted, the quantity found in the storage tanks was significantly lower than the expected balance.
The exercise showed that only 206,761 litres remained, leaving a deficit of 2,367,270 litres.
- “However, during a subsequent physical measurement and reconciliation exercise, only 206,761 litres remained in the storage tanks, leaving a deficit of 2,367,270 litres.”
The EFCC said its investigation found that Ibafon Oil and Gas buys and sells AGO while also storing its own petroleum products alongside products belonging to customers at the same depot.
The commission further alleged that Ibru used his position as the owner of Ibafon Oil and Gas to truck out petroleum products beyond the quantity belonging to the company and…
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